Pallinghurst wins 61% support for controversial Gemfields bid

(miningmx.com) - Pallinghurst Resources has claimed enough support to make its $150m all-share offer for Gemfields unconditional with just over 60% of total shareholders in the UK-listed coloured gemstones miner and marketer supporting the proposed transaction. “As for 5.40pm on June 16, Pallinghurst has received valid acceptances in respect of 77,888,324 Gemfields shares representing approximately 14.16% of the existing issued share capital of Gemfields,” the company said in an announcement to the Johannesburg Stock Exchange today. Including the 47% of shares Pallinghurst already owns in Gemfields, total acceptances had come in at 61.25% to date. “With this acceptance into the Gemfields offer, ahead of the general meeting, Pallinghurst now exceeds the minimum level of support required for the offer,” said Johannes van Niekerk, a spokesman for the company. “The other notices of irrevocable support in addition remain available to vote in favour of the offer at the Gemfields general meeting.”